UPDATED: New foreclosure notices filed for Frisco’s Wade Park, new sale date set


Updated 2 p.m. March 12

Another one of Wade Park’s lenders filed a second foreclosure notice Friday. The foreclosure sale is scheduled to take place April 3.

Original story

After a planned foreclosure sale of Wade Park did not occur Tuesday, one of the lenders has filed a new foreclosure notice Wednesday.

The new foreclosure sale is set to take place April 3.

A trustee had until 1 p.m. Tuesday to sell the property at the Collin County Administration Building, but no trustee arrived.

The foreclosure notices, first filed in February, come after Wade Park has faced construction delays and financial troubles.

As of Monday, Wade Park’s developer Thomas Land & Development owes contractors and suppliers more than $21 million in liens.

Community Impact Newspaper has reported that several previously committed tenants have abandoned the development after construction delays have pushed back the expected opening date for the 175-acre mixed-use development.

Stan Thomas, Thomas Land & Development CEO, has not responded to interview requests.

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  1. Hi – What is a “foreclosure sale” ? Is this formally putting the foreclosed land up for sale?
    Or, is someone planning to purchase the land on April 3rd?
    Hoping for the best!!

    • Lindsey Juarez

      Hi, Patti,
      This means the land is planned to go up for auction April 3. This does not guarantee that the land will actually be sold that day. A trustee must be present to hold the auction, and a buyer must be available to buy the land on the spot. I hope that answers your question.
      -Lindsey Juarez, editor

      • Hi Lindsay – So, the first time around a Trustee didn’t show up. Who’s responsibility is that – i.e. who pays for the Trustee (i suppose Thomas et al., no?) If Thomas et al. is bankrupt – how is this going to happen? I wonder, was there a buyer at the first potential auction?
        Also – why does a lender to Thomas et al. file for foreclosure – why doesn’t Thomas ?
        I presume Thomas filed for bankruptcy, and the lenders file for foreclosure ?!?
        Very sad, what a mess. I wonder of anyone has approached the investors from Dubai down the street to see if they could rustle up some interest with them.
        Thank you for your info. on this.

        • Lindsey Juarez

          The lender assigns the trustee for the sale. The lender has filed a foreclosure notice because Thomas Land & Development owes the lender money. As of this morning, it doesn’t appear that Thomas Land & Development has filed for bankruptcy yet.

Lindsey Juarez
Lindsey has been involved in newspapers in some form since high school. She graduated magna cum laude from the University of Texas at Arlington in 2014 with a degree in Journalism. While attending UTA, she worked for The Shorthorn, the university's award-winning student newspaper. She was hired as Community Impact Newspaper's first Frisco reporter in 2014. Less than a year later, she took over as the editor of the Frisco edition. Since then, she has covered a variety of topics and issues important to the community, including the city's affordable housing shortage, the state's controversial A-F school accountability system and the city's "Bury the Lines" efforts.
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